TTCL recapitalised at USD45.5m; telco clears debts

Mergers, Acquisitions and Financial Results

The Tanzanian government has recapitalised incumbent Tanzania Telecommunications Company Ltd (TTCL) to the tune of TZS96.4 billion (USD45.5 million), Agence Ecofin writes, citing comments by Deputy Minister for Communication, Science and Technology January Makamba. The amount represents a secured loan from a number of financial institutions, and will be used to improve and expand the operator’s network infrastructure.

Meanwhile, the telco’s management is said to have cleared its debts: TZS76.6 billion was owed to the state and a further TZS25 billion was paid back to the Tanzania Communications Regulatory Authority (TCRA).
Source: All Africa